Maher Terminals, part of the Port of New York/New Jersey, is being sold by Deutsche Bank (DB) to investment firm Macquarie Infrastructure Partners (MIP) for an undisclosed sum it was revealed on Friday.
Located in Port Elizabeth, New Jersey, Maher Terminals is a 454-acre container terminal, which DB bought for around $2.3bn in 2007 from the founding Maher family, who had built the firm into the New York City area’s biggest container terminal operator.
But those glory days are long behind it and DB – Germany’s top bank – inherited a business with declining container volume, especially after the 2008 financial crisis.
Nevertheless, Maher Terminals still handle around 2 million twenty-foot equivalents (teu) yearly and is the biggest of the six terminals in New York Harbour.
Last year, also in April, DB sold Maher’s terminal in Canada, Fairview Container Terminal at the Port of Prince Rupert in northern British Columbia for around US$450m.
MIP is part of New York-headquartered Macquarie Infrastructure and Real Assets (MIRA), the world’s leading infrastructure asset manager with interests mainly in real estate, agriculture and energy.
It in turn is part of the Australia-based Macquarie Group.
MIP focuses on investments in the US and Canada.